ollowing transactions and events in December 2017 Dec. 2 Paid $1,18e cash to Wes
ID: 2550910 • Letter: O
Question
ollowing transactions and events in December 2017 Dec. 2 Paid $1,18e cash to Westview Mall for First Class Systems' share of mall advertising costs. Dec. 3 Paid $6e8 cash for minor repairs to the company's computer Dec. 4 Received $5,488 cash from Kelley Engineering Co. for the receivable from November. Dec. 10 Paid cash to John Hayes for six days of work at the rate of $220 per day Dec. 14 Notified by Kelley Engineering Co. that First Class Systems' bid of $7,5e8 on a proposed project has been accepted. Kelle paid a $1,758 cash advance to First Class Systems Dec. 15 Purchased $1,358 of computer supplies on credit from Smith Office Products. Dec. 16 Sent a reminder to Aloan Co. to pay the fee for services recorded on November 8. Dec. 28 Completed a project for Byrnes Corporation and received $6,100 cash. Dec. 28 Received $4,008 cash from Aloan Co. on its receivable Dec. 29 Reimbursed M. Hayes for business automobile mileage (6e0 miles at $e.32 per mile). Dec. 31 The company paid $1,see cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: a. The December 31 inventory count of computer supplies shows $780 still available b. Three months have expired since the 12-month insurance premium was paid in advance c. As of December 31, John Hayes has not been paid for four days of work at $220 per day d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. General ournal Sheet Impact on Income General St Retained Trial Balance Statement Earnings Prepare journal entries for each of the December transactions. If no journal entry is required, select "No journal entry required" in the first account field. Then, using the 3-step adjusting entry process, and the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy Show lessExplanation / Answer
In the books of First Class Systems:
Adjusting Entries:
Date Account Title Debit Credit Dec 2017 $ $ 2 Advertising Expense 1,180 Cash 1,180 3 Repairs Expense: Computer 600 Cash 600 4 Cash 5,400 Accounts Receivable 5,400 10 Wages Expense 1,320 Cash 1,320 14 Cash 1,750 Unearned Service Revenue 1,750 15 Computer Supplies 1,350 Accounts Payable 1,350 16 No journal entry required 20 Cash 6,100 Service Revenue 6,100 28 Cash 4,000 Accounts Receivable 4,000 29 Mileage Expense 192 Cash 192 31 Dividends 1,500 Cash 1,500Related Questions
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